The Toronto stock market stayed slightly higher as Wednesday’s session drew to a close, as commodity prices pulled back, and new data was released on the U.S. housing market.
The S&P/TSX composite index closed higher by 13.45 points at 12,436.16
The Canadian dollar fell 0.02 cents to 102.61 cents U.S.
The energy sector marked the biggest decliner, with Talisman Energy falling 18 cents to $14.07, and Imperial Oil off 61 cents to $46.17
Bullion prices dipped, and in the gold sector, Barrick Gold Inc. zoomed 61 cents to $41.61, while rival Goldcorp. gained 25 cents to $45.67.
In corporate developments, B2Gold Corp. plans to acquire CGA Mining Ltd. and its producing Masbate mine in a friendly all-stock deal they value at $1.1 billion. B2Gold stock fell 49 cents or 11.4% to $3.81 while CGA’s rose 21 cents or 7.9% to $2.86 in early trading.
ON BAYSTREET
The TSX Venture Exchange added 20.88 points to 1,343.52.
In all, 10 of the 14 Toronto subgroups were higher on the day. Materials led the parade, gaining 1.2%, while gold grew 1%, and utilities picked up 0.9%.
The four laggards were weighed down mostly by energy, down 1.1%, while telecoms suffered 0.7% and consumer staples dipped 0.3%.
ON WALLSTREET
As stocks continue turning in a lackluster performance, investors have shifted their focus to oil prices, which fell to a one-month low Wednesday, thus limiting gains throughout the market.
The Dow Jones Industrial average closed higher by 13.32 points Wednesday to 13,578.
The S&P 500 index added 2.62 points, to 1,461.94, and the tech-heavy Nasdaq Composite Index gained 4.82 points to 3,182.62
A stronger-than-expected report on existing home sales helped offset worries over a report showing housing starts grew at a slower pace than expected in August, and building permits dipped.
Housing stocks moved higher after the existing home sales report. Shares of home improvement retailers like Home Depot and Lowe's, as well as home builders PulteGroup, Lennar and KB Home gained between 1.5% and 2.6%.
Investors appear to be fearful of doing much of anything in stocks as they try to get a handle on where the economy is headed. Wednesday's mixed housing reports did little to inspire widespread confidence in a sustained recovery.
Shares of Groupon jumped more than 8%, after the social networking company launched a new credit card payment service.
General Mills shares rose 2% after the food producer reported quarterly earnings of 66 cents U.S. per share, slightly beating expectations.
AutoZone reported better-than-expected earnings but same-store sales fell below forecasts. The retailer's stock still moved up 3%.
Bed Bath & Beyond was to report after the close.
Before the U.S. markets opened, the Bank of Japan said it would expand its asset purchase program by ¥10 trillion to about ¥80 trillion to boost its slowing economy.
On the economic slate, privately-owned housing starts in the U.S. rose by 2.3% to an annualized pace of 750,000 units in August following the downwardly revised 733,000 reading seen in the previous month (initially reported as 746,000). Market expectations going into the report were for an annualized 767,000 starts in August.
The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.78% from 1.81% late Tuesday. Treasury prices and yields move in opposite directions
Oil prices traded to the lowest levels in more than a month, falling $3.32 to $91.97 U.S. a barrel after being close to $100 U.S. just a week ago.
Gold prices soared $2.60 an ounce to $1,774.30 U.S.
